There's been a lot of misinformation going around about what Title II regulation means for businesses and consumers. Will your Internet bill go up? Will you suddenly lose "Game of Thrones"?

Here's what you need to know:

What Is a Common Carrier?

A "common carrier" is a business that transport things from one place to another for a fee. Common carriers in the "real" world include things like trucking companies and package delivery companies; basically, if you're willing to pay the company, it has to ship your stuff and can't charge you more only because of the contents of your shipment.

The FCC voted Thursday to make the Internet behave the same way. Customers pay ISPs to deliver whatever data they ask for at a predetermined price. Title II regulation sets the stage for allowing the FCC to implement "network neutrality," which it did in the same meeting.

Absolutely nothing. Despite what some commissioners on the FCC, and members of Congress, have claimed, the FCC is not implementing new taxes or regulating rates. All it's doing is declaring that it has the authority to regulate ISPs the same way it regulates entities like phone companies.

The lawsuits happen next. ISPs like Comcast and Verizon are expected to challenge the FCC's authority to regulate them, just like they successfully did last year. In fact, ISP lawsuits are why we're here in the first place. In 2010, the FCC tried to regulate them under a different part of the Communications Act, but a federal court sided with Verizon in declaring that the FCC had overstepped its authority. So, the FCC went back to the drawing board and decided to use Title II instead.

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